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Company last issued Schuldscheine in 2019
Platform to have two strategies — high yield and investment grade
Tranches in dollars and yen attract 12 banks
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Steel maker ArcelorMittal has raised over $2bn through a sale of new shares and mandatory convertible bonds after posting a $1bn loss in the first quarter because of the Covid-19 global pandemic, which has caused demand for steel to plunge. -
Kingfisher, the UK home improvement retailer, has signed short term crisis loans in sterling and euro that will sit alongside the company’s already drawn revolving credit facilities, bringing its access to liquidity up to £2bn.
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Saudi Aramco has closed a $10bn loan, according to bankers near the deal. The loan — the largest signed in the Middle East so far this year — comes amid a drop in oil prices, which has sent borrowers in the Gulf hunting for financing.
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Several borrowers have entered the Schuldschein market after car parts maker Robert Bosch fired the starting gun on the market's reopening last week. Market participants are now eager to know which will be the first non-German issuer.
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The relatively slow pace of the loan market means it has an ability to endure temporary moments of bad news without too much impact. The coronavirus brings a whole new set of challenges, writes Pan Yue.
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Chinese battery maker Leoch International Technology has returned to the loan market for a $100m refinancing.
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